Trading with the Enemy Act
Encyclopedia
The Trading with the Enemy Act, sometimes abbreviated as TWEA, is a United States federal law, , enacted in 1917 to restrict trade with countries hostile to the United States
. The law gives the President the power to oversee or restrict any and all trade between the U.S. and its enemies in times of war. In 1933 the U.S. Congress amended the act by the passage of the Emergency Banking Relief Act which extend its scope regarding the hoarding of gold
to include any declared national emergency and not just those declared solely during times of war. President Franklin D. Roosevelt
then used these new authorities granted by Congress to then basically outlaw gold ownership by his direction starting with the issuance of Executive Order 6102
. These restrictions continued until January 1, 1975. The Act has been amended several other times.
The Trading with the Enemy Act is often confused with the International Emergency Economic Powers Act
, which grants somewhat broader powers to the President and is invoked during states of emergency when not at war.
As of 2008, Cuba
is the only country restricted under the act. North Korea
is the most recent country to have the restrictions lifted.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. The law gives the President the power to oversee or restrict any and all trade between the U.S. and its enemies in times of war. In 1933 the U.S. Congress amended the act by the passage of the Emergency Banking Relief Act which extend its scope regarding the hoarding of gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
to include any declared national emergency and not just those declared solely during times of war. President Franklin D. Roosevelt
Franklin D. Roosevelt
Franklin Delano Roosevelt , also known by his initials, FDR, was the 32nd President of the United States and a central figure in world events during the mid-20th century, leading the United States during a time of worldwide economic crisis and world war...
then used these new authorities granted by Congress to then basically outlaw gold ownership by his direction starting with the issuance of Executive Order 6102
Executive Order 6102
Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States"...
. These restrictions continued until January 1, 1975. The Act has been amended several other times.
The Trading with the Enemy Act is often confused with the International Emergency Economic Powers Act
International Emergency Economic Powers Act
The International Emergency Economic Powers Act , Title II of , is a United States federal law authorizing the President to regulate commerce after declaring a national emergency in response to any unusual and extraordinary threat to the United States which has a foreign source.-Provisions:In the...
, which grants somewhat broader powers to the President and is invoked during states of emergency when not at war.
As of 2008, Cuba
Cuba
The Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
is the only country restricted under the act. North Korea
North Korea
The Democratic People’s Republic of Korea , , is a country in East Asia, occupying the northern half of the Korean Peninsula. Its capital and largest city is Pyongyang. The Korean Demilitarized Zone serves as the buffer zone between North Korea and South Korea...
is the most recent country to have the restrictions lifted.
See also
- International Emergency Economic Powers ActInternational Emergency Economic Powers ActThe International Emergency Economic Powers Act , Title II of , is a United States federal law authorizing the President to regulate commerce after declaring a national emergency in response to any unusual and extraordinary threat to the United States which has a foreign source.-Provisions:In the...
- War Powers Act
- Trading with the Enemy ActTrading with the Enemy ActThe Trading with the Enemy Act, sometimes abbreviated as TWEA, is a United States federal law, , enacted in 1917 to restrict trade with countries hostile to the United States. The law gives the President the power to oversee or restrict any and all trade between the U.S. and its enemies in times of...
External links
- research project focusing on TWEA's development
- Text of the law from Cornell Law School
- U.S. Treasury